Stock Exchange Automatic Execution Facility

Stock Exchange Automatic Execution Facility
= SAEF
A computerized system used on the London Stock Exchange to enable a broker to execute a transaction in a security through an SAEF terminal, which automatically completes the bargain at the best price with a market maker, whose position is automatically adjusted. The price of the transaction is then automatically recorded on a trading report and also passes into the settlement system. The system has greatly reduced the administrative burden on brokers and market makers but has been criticized for eliminating the personal element between brokers and market makers on the floor of the exchange.

Accounting dictionary. 2014.

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